In the College Station, TX market, new home closings fell year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 34 a year earlier to 14 after the figure moved from 39 in March 2015 to 26 in March 2016.
A total of 301 new homes were sold during the 12 months that ended in April, down from 321 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 4.3% from 7.8% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $282,887 last year to $295,851. This came after a 9.3% hike in March year-over-year.
Average mortgage size on new homes moved from $244,173 to $245,257. In March 2016, average mortgage size increased 5.8% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,222 square feet a year earlier to 2,037 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 5.5% of existing closings, lower than 6.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.2% in April from 2.0% a year earlier while REO closings as a percentage of existing home closings dropped to 2.3% from 4.5% a year earlier.